Tuesday, Where is the Turnaround?

Another day of less-than-positive action across the investment landscape as international and emerging stocks were weak following yesterday’s sell-off. U.S. stocks moved higher through the morning, but ended the day on a mostly unchanged note. This left many asking, “where’s the turnaround?” However, the Russell 2000 and Russell Micro Cap performed well again today for the second day in a row, which is interesting.

The cannabis markets took a hit today with MJIC Marijuana Index and Benzinga 420 Marijuana Index both declining 6% and 2.5% respectively.

Daily Positive – Markets are generally very oversold from a technical perspective. A bounce is due.

Daily Negative – GW Pharmaceuticals is a UK company with a NASDAQ listed ADR, GWPH. Today, GWPH held a webcast to bring investors updated information on their drug pipeline. Inexplicably, investors felt less confident in the company as the stock declined by 8.75%. Where is Jim Cramer now? I invite insight from any readers who have thoughts on this.

There are still companies to watch in this space with revenues and some are starting to show audited financials. This is earnings season after all, so we should expect to hear more from cannabis companies over the coming weeks.

 

The discussion above is provided for informational purposes only and does not constitute an offer of, or solicitation for, any investment services or products offered by the author. The author is not making any investment recommendations and the opinions above do not constitute investment advice. Reference to above indices [and companies] is based on information provided by sources the author believes to be credible. Investing in the cannabis industry, as with other industries, presents certain risks including the risk of loss on an investment.

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